TAXF vs HFRO

Comparison between AMERICAN CENTURY DIVERSIFIED MUNICIPAL BOND ETF (TAXF, ETF) and Highland Opportunities and Income Fund (HFRO, ETF).

5-Year PerformanceTAXF has outperformed HFRO, delivering a return of +1.1% compared to -3.0%

TAXF vs HFRO - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	TAXF(ETF)	HFRO(ETF)
Net Assets	$627M	$632M
Expense Ratio	0.27%	N/A
Max Drawdown	15.69%	72.48%
Sharpe Ratio	1.36	1.58
5Y Beta	0.03	0.64
5Y Dividends CAGR	11.45%	-11.54%

Net Assets

TAXF

$627M

Winner

HFRO

$632M

Expense Ratio

TAXF

0.27%

HFRO

N/A

Max Drawdown

Winner

TAXF

15.69%

HFRO

72.48%

Sharpe Ratio

TAXF

1.36

Winner

HFRO

1.58

5Y Beta

Winner

TAXF

0.03

HFRO

0.64

5Y Dividends CAGR

Winner

TAXF

11.45%

HFRO

-11.54%

TAXF vs HFRO - Historical Returns

Returns include dividend reinvestment.

Period	TAXF	HFRO
1 month	+0.74%	+10.15%
3 months	+0.42%	+13.45%
6 months	+2.25%	+14.26%
1 year	+7.91%	+40.24%
5 years(CAGR)	+1.07%	-3.00%
10 years(CAGR)	N/A	-1.54%
Max(CAGR)	+2.88%	-1.54%

TAXF

+0.74%

Winner

HFRO

+10.15%

TAXF

+0.42%

Winner

HFRO

+13.45%

TAXF

+2.25%

Winner

HFRO

+14.26%

TAXF

+7.91%

Winner

HFRO

+40.24%

5Y(CAGR)

Winner

TAXF

+1.07%

HFRO

-3.00%

10Y(CAGR)

TAXF

N/A

HFRO

-1.54%

Max(CAGR)

Winner

TAXF

+2.88%

HFRO

-1.54%

TAXF vs HFRO - Annual Returns (2017 - 2026)

Returns include dividend reinvestment.

Year	TAXF	HFRO
2026	+1.68%	+15.04%
2025	+3.92%	+22.68%
2024	+2.02%	-29.13%
2023	+6.98%	-16.57%
2022	-9.59%	+0.78%
2021	+2.77%	+14.90%
2020	+5.37%	-8.01%
2019	+8.75%	+2.92%
2018	+0.64%	-12.60%
2017	N/A	+1.01%

TAXF vs HFRO Drawdown Comparison

The maximum drawdown for TAXF was -13.94%, occurring on Oct 26, 2022. Recovery took 1041 trading sessions.

The maximum drawdown for HFRO was -52.76%, occurring on Apr 8, 2025. This drawdown has not yet recovered.

The current TAXF drawdown is -0.48%. The current HFRO drawdown is -22.35%.

Rank	TAXF	HFRO
#1	-13.94% Jul 19, 2021 - Sep 10, 2025	-52.76% Aug 17, 2022 - Apr 8, 2025
#2	-13.39% Mar 9, 2020 - Nov 23, 2020	-49.42% Jul 24, 2018 - Mar 29, 2022
#3	-2.93% Feb 27, 2026 - Mar 24, 2026	-9.70% May 6, 2022 - Aug 15, 2022
#4	-2.03% Feb 12, 2021 - May 25, 2021	-3.99% Nov 7, 2017 - Dec 22, 2017
#5	-1.58% Sep 4, 2019 - Dec 27, 2019	-2.92% Jan 31, 2018 - Feb 21, 2018
#6	-0.97% Sep 12, 2018 - Dec 4, 2018	-2.88% Feb 23, 2018 - Jul 11, 2018
#7	-0.55% Jun 10, 2021 - Jul 7, 2021	-2.01% Mar 31, 2022 - May 2, 2022
#8	-0.47% Jan 15, 2026 - Jan 30, 2026	-0.96% Dec 22, 2017 - Jan 4, 2018
#9	-0.43% Nov 11, 2025 - Nov 26, 2025	-0.96% Jan 9, 2018 - Jan 22, 2018
#10	-0.41% Nov 26, 2025 - Dec 23, 2025	-0.94% Jul 16, 2018 - Jul 24, 2018
#11	-0.32% Aug 15, 2019 - Aug 28, 2019	-0.76% Mar 29, 2022 - Mar 31, 2022
#12	-0.32% Sep 18, 2025 - Oct 1, 2025	-0.71% Jan 4, 2018 - Jan 9, 2018
#13	-0.30% Oct 24, 2025 - Nov 11, 2025	-0.67% May 4, 2022 - May 6, 2022
#14	-0.28% Jan 7, 2019 - Jan 14, 2019	-0.51% Jan 22, 2018 - Jan 29, 2018
#15	-0.27% Jan 31, 2020 - Feb 14, 2020	-0.31% Feb 21, 2018 - Feb 23, 2018

Correlation

Correlation between TAXF and HFRO is -0.38 which considered as a weak negative correlation - the stocks show a slight tendency to move in opposite directions.

-0.38

-101